FHA Condo Approval Specialist: How Many Community Associations Are in Your State?

How Many Community Associations Are in Your State?

How Many Community Associations Are in Your State?

The Community Associations Institute (CAI) publishes a report about the national statistics of community associations.  Among other data, it includes information about the national number of community associations, a rough number of community association managers and an estimated combined gross budgets of community associations.

A “community association” is either a planned community (or “PUD”), condominium or cooperative.  CAI estimates that 50%+ are planned communities, 45-48% are condominiums and 3-4% are cooperatives.  These are not easy figures to come by and that is why estimates are provided.

CAI estimates that there were 328,500 associations in the United States in which there were 26.3 million units housing roughly 65.7 million people.  This equates to around 24% of all homes in the US are in community associations.

According the report, Florida leads the pack with an estimated 46,000 associations, followed by California with 42,500 and then Texas with 18,400.  You may be surprised as to how many associations there are in your state.

Our tiny little state of Connecticut ranks at #22 with roughly 4,700 community associations.  In speaking with condominium attorneys in our state, they had estimated this number to be around 5,000-5,500. 

Click here to read the full report.

 

Top Photo Credit: (c) Can Stock Photo / kenhurst

The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA.  We have assisted nearly 200 condominiums and we can help your association.

 

ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.

 

Please contact us with any questions regarding FHA or VA condominium project approvals.  You can email me at askeric@readysetloan.com or call me at 404-433-4565. I will be happy to answer any of your questions.

 


FHA/VA Condo Approval Specialist

404-433-4565 Cell Phone

860-644-3772 Fax Phone

eric.boucher@readysetloan.com
ready set loan condo team

 

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Comment balloon 5 commentsReadySetLoan Condo Approval Team • October 12 2014 10:11AM

Comments

Eric, Those HOAs are very common in our local market, and with our condo associations critical to know if they're FHA certified or not.  Not too many are as it turns out. 

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) about 4 years ago

Eric I would have guess a large number for us here in CT but I would not have guessed as high as 4,700.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 4 years ago

Eric - it really does not surprise me that New York is Number 6.  It is probably all concentrated in the downstate counties.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) about 4 years ago

Great info! I didn't know California has 42,500 community associations!

Posted by Michelle Carr-Crowe Just Call 408-252-8900 Top 1%!, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty) about 4 years ago

Good morning Eric. I am a little surprise that the number of associations in CT is that high, but not one bit surprised by the numbers in FL and CA.

Make it a great week!

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) about 4 years ago

Participate